FxPro is a UK based regulated forex broker. They are regulated with top-tier regulators i.e. FSCA & FCA in UK. They offer moderate spread, zero deposit charges. Read our Fxpro review to decide whether they are safe for South Africans or not.
Fxpro is a London based forex broker that was founded in 2006. They serve South African clients, and are regulated with top tier regulators including with FSCA, and FCA in UK.
We consider it safe to trade with them as they are highly regulated & have been around for long time.
FxPro’s trading fees is not the lowest but it is still very competitive. They have average spread for most forex pairs (around 1.5 pips for EUR/USD, 2.1 pips for USD/JPY). Plus, their trading platforms are quite wide including cTrader & latest MT5. Their support is also very competent.
Here’s a transparent look at the FxPro’s fees, platforms, regulations, account types, bonus, customer support & more!
Table of Contents
|Broker Name||FxPro Group Limited|
|Registered Address||13-14 Basinghall str., City of London, EC2V 5BQ, UK|
|FxPro Minimum Deposit||$500|
|Major Regulations||Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Dubai Financial Services Authority (DFSA), Securities Commission of The Bahamas|
|Trading Instruments||Forex Trading, Metals, Cryptocurrencies|
|Trading Platforms||MT4, MT5 and cTrader, FxPro Edge|
FxPro is regulated in South Africa, UK & with other European regulators. They are regulated under the following regulatory authorities:
The important question, is trading with Fxpro safe?
Yes, FxPro is one of the oldest Forex broker in the world, they have been around for quite a while. Also, they are regulated with 2 of the top-tier regulators i.e. FSCA in South Africa & FCA in UK, so trading with them is safe for South African traders.
FxPro’s trading fees is not the lowest in comparison with other Forex brokers. Their non-trading fees is also high, but it is ok.
Here is a full breakdown of the 4 fees charged by FxPro:
Below image is the table of FxPro’s spread for some of their currency pairs:
Below is the screenshot of FxPro’s client agreement with the mention to their Inactivity fees:
FxPro’s overall trading fees is not the lowest, but it is still competitive.
Fxpro offers 3 different account types & they also offer demo accounts for all their accounts. Moreover, special support is available for all account types depending upon your minimum deposit & volume of trade. The minimum account balance for all trading account is $500.
Now here is the list and description of all the trading account types offered by FxPro:
FxPro offer Demo account which is available for all MT4, MT5 and cTrader account types.
The maximum leverage for Demo account is 1:500.
There are 3 types of live trading accounts offered by FxPro as listed below:
1. MT4 Account: You can choose between instant order execution or market execution with FxPro’s MT4 account. The account minimum is $500 & the spread is floating.
2. MT5 Account: This account offers market execution, variable spreads, no requotes. The spreads on this account are the same as with the MT4 account, the only difference is that you will get MT5 platform for trading.
3. cTrader Account: FxPro charges commission of $4.5 per Standard Lot on trades with cTrader account. The spread with this account is extremely tight when compared with their MT4 and MT5 accounts. This account is recommended for high volume traders.
Opening an account with them include few steps only. You need to follow the below steps to open an account with them:
Step 1) Click Register Button: First of all, you need visit FxPro.com. There you need to click on Register button at top right side of the home page of their website. This will take you to their sign up form page.
Step 2) Complete your Signup with FxPro: Now you need to fill the basic information to register your email with them. You need to enter your name, country, email and then click on Register > button.
Step 3) Fill your Residential Address information: After entering your personal details, you need to fill your Address, Phone Number, Country of Residence information by following the instructions on the screen.
Step 4) Fill Employment Information: On this page you need to fill the basic information related to your source of income and monthly income.
Step 5) Trading Account Setting & Verify your account: Now you will be redirected to a page where you need to select the trading account type. After that, to complete the registration you also need to upload the scanned copy of 2 documents i.e. your ID proof and Address proof for verification.
Note: Once you have submitted these documents to FxPro, it can take upto 24 working hours to verify the documents uploaded by you. Once they have verified your account, you will receive the account verified confirmation message via email from FxPro.
You can check your email for account/platform login details and can start trading with those details.
FxPro offer 4 trading platforms which are MetaTrader 4, Meta Trader 5, cTrader and FxPro Edge.
Below are the FxPro trading platforms available for South African traders:
FxPro allow their customers to add funds and withdraw funds with them using various payment methods which are listed below:
FxPro does not charge anything from their clients in case of withdrawal funds. Most of their withdrawal options are free and take less than 24 hours of processing time.
FxPro does not offer any bonus or promo for existing as well as new clients.
Currently there is no bonus or promo by FxPro for South Africans traders. But if they announce any bonus in future then we will update in this review post. So keep connected for update.
FxPro’s customer support is far better than most other brokers. Their support hours are 24 hours during Monday to Friday via below mediums:
FxPro’s support is very competent & friendly. We found their Live chat support to be is extremely easy to contact during the trading hours.
The only thing we don’t like in their support is that they don’t have a South African phone number. But then again, you can use their chat or request a callback at your preferred time.
Yes, we do recommend FxPro to South African Traders.
We like them for their local FSCA regulation, their very low spread in cTrader account, great customer support and no deposit and withdrawal charges.
But on the downside, FxPro does not have local address and phone number in South Africa. Moreover, they do not have educational tools or tutorials to help their customers. Also their spread is a higher with their MT accounts, but it is not too high to be honest, as we have seen many other brokers with higher spread.
Overall, FxPro is a very reliable and safe forex broker for South African traders. Hence we recommend them.
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